Cardoso Champions ‘African-Led, African-Owned’ Development at Afreximbank Meeting

At the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank) in Abuja, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso called for a development strategy that is distinctly “African-led and African-owned.” Commending Afreximbank’s transformation from a $750 million startup to a $40 billion institution, Cardoso emphasized the importance of African institutions in driving intra-continental trade and regional economic integration. The conference theme, “Building the Future on Decades of Resilience,” echoed his message of African self-determination and long-term strategy.

Cardoso highlighted the risks Africa faces due to rising global economic fragmentation, protectionism, and geopolitical instability. He stressed that the continent must shield itself from external shocks by building resilient, locally grounded institutions that prioritize long-term vision, strong governance, and data-driven systems. “Resilience is not accidental. It is engineered,” he said, urging policymakers to adopt forward-looking strategies backed by sound institutional frameworks.

Nigeria’s central bank, he noted, has focused on rebuilding trust through key reforms, including measures to stabilize the naira and improve monetary policy transparency. Nigeria has benefited from Afreximbank’s support, receiving over $52 billion in trade and project financing. Cardoso also praised recent policy innovations like diaspora-targeted financial products, aimed at harnessing remittances and investments from Nigerians abroad to drive growth and currency stability.

Further praising Afreximbank’s inclusive approach, Cardoso applauded its expanded view of the African diaspora, including Afro-descendants in the Americas and Caribbean. He underscored the importance of coordinated engagement between African governments and their diaspora communities, stating this collective effort is vital for building a future defined by economic sovereignty, energy independence, and green growth.

Cardoso concluded by paying tribute to Afreximbank’s outgoing president, Benedict Oramah, for visionary achievements like the Africa Medical Centre of Excellence. He urged African leaders to combine strategic thinking with effective execution, a pairing he argued is rare but essential. His overarching message: Africa’s future must be shaped by Africans who are bold, united, and disciplined enough to turn big dreams into lasting realities.

Source: Business day